3-unit sells for $2.3M in Clinton Hill

The entity Rogers Brooklyn LLC through the signatory Samantha Oh as member, paid $2.3 million to Mark Pnini through the entity 391 Grand Capital LLC for the three-unit building (C0) at 391 Grand Avenue in Clinton Hill, Brooklyn.
The deal closed on January 26, 2024 and was recorded on February 16, 2024. The property has 4,032 square feet of built space and 234 square feet of additional air rights for a total buildable of 4,264 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $578 and the price per buildable square foot is $547 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Mark Pnini was Mark Pnini. The signatory for Samantha Oh was Samantha Oh. The contract date was November 9, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Samantha Oh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mark Pnini had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 3 residential units in Clinton Hill has 4,032 square feet of built space and 234 square feet of additional air rights for a total buildable of 4,264 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 101 feet deep with a total lot size of 2,132 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Clinton Hill Historic District. The city-designated market value for the property in 2022 is $3.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 16 commercial properties representing 143,258 square feet of the 179,407 square feet. The largest owner is Saint Bernatius Llc, followed by Isaak Badalov and then George Marray.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 179,407 square feet of built space are walkup buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Mark Pnini owned at least three commercial properties with 48 residential units in New York City with 83,465 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 53 percent of the 83,465 square feet of built space are industrial properties, with elevator properties next occupying 43 percent of the space. The bulk, or 53 percent of the built space, is in Queens, with Bronx next at 43 percent of the space.

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